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Silver: Bullishness Should Not Be Trusted

Published 02/03/2015, 04:15 AM
Updated 07/09/2023, 06:31 AM

Silver Daily Chart

Despite the negativity on MACD, RSI traded again above line 50. We also notice that the negativity of Linear Regression Indicators are faced by the metal's stability above 17.07. Intraday today, its possible to bet on an upside move, where the above graph shows that the price stabilized above 38.2% correction again after rebounding from the key bullish support.

We should not trust this bullishness, whereas breaching 17.93 is required to confirm that the suggested bullish wave will extend. On the other hand, breaking 16.78 fails any bullish possibility.

Silver Support And Resistance

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